The reservoir immigrants resulting from the construction of hydropower project made great contributions to the society development, to solve the problems of reservoir resettlement livelihood is of great significance. Starting with the view of human capital, the role of human capital to improve immigrant livelihoods was verified by the analysis of time series data of Gansu province. According to reservoir immigrants’ present situation of human capital and livelihood problems, this paper put forward some suggestions to improve the migrant livelihood problems.